Daily digest market movers: Emergent support for former President Trump, a Bitcoin play
- Billionaire investor Mark Cuban shared on Twitter about Silicon Valley's growing backing for former President Trump, labeling it a "bitcoin play" on Wednesday.
- Cuban said, "Not because the former President is a far stronger proponent of crypto. That's nice. But doesn't really impact the price of crypto. It makes it easier to operate a crypto business because of the inevitable, and required, changes at the SEC."
- He also wrote, "What will drive the price of BTC is lower tax rates and tariffs, which, if history is any guide (and it's not always ), will be inflationary. Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the U.S. Dollar as a reserve currency, and you can't align the stars any better for a BTC price acceleration."
- In the second part of the tweet, Cuban explained how high Bitcoin price can go as its supply is limited to 21 million coins, with unlimited fractionalization. He added, "Keep that in mind as you consider what happens if, because of geopolitical uncertainty and the decline of the dollar as the reserve currency, BTC becomes a "safe haven" globally. Which means that BTC could be what countries and all of us look to buy as a means to protect our savings".
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